Suncity Shares Set To Open Up 114% After Naming New Majority Shareholder

Suncity Shares Set To Open Up 114% After Naming New Majority Shareholder

HONG KONG (Reuters) – Shares in Macau’s Suncity Group Holdings Ltd were set to open 114% higher on Thursday after resuming trading with its Executive Director Andrew Lo becoming the company’s new majority shareholder. The company’s previous chairman faces charges including illegal gambling and money laundering. (Reporting by the Hong Kong newsroom; Editing by Jacqueline…

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Samsung Elec Q2 Profit Likely Rose 11% On Solid Server Chip Demand

Samsung Elec Q2 Profit Likely Rose 11% On Solid Server Chip Demand

SEOUL (Reuters) – Samsung Electronics Co Ltd reported a likely 11% jump in quarterly operating earnings on Thursday as lingering demand for its memory chips from server customers offset lower sales to inflation-hit smartphone makers. The world’s largest memory-chip and smartphone maker estimated its profit rose to 14 trillion won ($10.73 billion) in the three…

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Fed: Sharply higher rates may be needed to quell inflation

WASHINGTON (AP) — Federal Reserve officials were concerned at their meeting last month that consumers were increasingly anticipating higher inflation, and they signaled that much higher interest rates could be needed to restrain it. The policymakers also acknowledged, in minutes from their June 14-15 meeting released Wednesday, that their rate hikes could weaken the economy….

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